Highlights of Muskoka: May 2023 Real Estate

 June marks the start of summer, Muskoka’s busiest season for tourism and activities. From the Huntsville Art Crawl to the Gravenhurst Car Show kicking off the summer events here, traffic and more smiling faces have increased around our towns and lakes already! 

“Sales of non-waterfront residential properties moved up in August while sales of waterfront homes were little changed, although demand for both types remained well below historical norms for this time of year,” said Matthew Lidbetter, President of the Lakelands Association of REALTORS®. “New listings for both non-waterfront and waterfront homes set a new August record, so it’s a bit puzzling as to why demand did not respond in kind as it normally does. We’ll wait another month or two and monitor the trends for both segments, as it’s possible buyers have temporarily put their purchasing decisions on hold until back-to-school and work season is upon us and one more Bank of Canada rate announcement is released.”

• Sellers who put their homes on the market can still get a fair price, but need to be patient since properties are taking longer to sell. 
• Buyers who can afford higher monthly payments, or those who don’t need to get a mortgage, can find nice properties, but again, patience is key.
• While we do have more supply than we’ve had in the recent past, historically, inventory is still very low. 
• Buyers who face affordability issues are going to have a hard time over the next couple of years, I’m sorry to say, as rates stay high and day-to-day life gets more expensive.

The highest sale in June landed on Lake Joseph at a whopping $18,000,000 and was only on the market for 17 days!

Any questions? Let’s chat about the market, and how you can capitalize on your real estate journey in Muskoka. 

-Stella

Disclaimer: The information provided in this article is based on the state of the Muskoka real estate market as of April 2023. Market conditions can change rapidly, and it is advisable to consult with a local Real Estate professional like myself and, conduct thorough research before making any investment decisions.